The scope of our recent study on the "Carbon Black Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Grade, and Application" comprises the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.

The carbon black market is expected to grow from US$ 13,620.57 million in 2022 to US$ 18,514.57 million by 2028; it is estimated to register a CAGR of 5.2% from 2022 to 2028

Carbon black is a type of paracrystalline carbon that appears as a fine black powder. It can be synthesized by partial combustion of hydrocarbons, coal, petroleum product, and ethylene cracking. However, the furnace black process is the most common process for synthesizing carbon black. This process creates carbon black by partially combusting high-temperature gases with feedstock oil, which can be coal or petroleum. Due to its high yield and extensive control over parameters like particle size or structure, this process is widely accepted for mass production. Currently, this process is used to produce carbon black for use in coloring and rubber reinforcing. This chemical is primarily used in the tire manufacturing sector

Based on application, the carbon black market is segmented into tire, non-tire rubber, plastics, inks and coatings, and others. The tire segment held the largest market share in 2022 and is expected to register the highest CAGR during the forecast period. The addition of carbon black greatly improved the abrasion resistance and strength of tires. Besides reinforcement, tire manufacturers use carbon black because it can absorb UV light, which breaks down rubber. It also acts as an ozone scavenger and limits oxidation to prevent cracking. By making tires more durable and functional, carbon black makes car and truck driving safer.

The carbon black market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest market share in 2022 and is expected to register the highest CAGR during the forecast period. The growing production and sales of vehicles in Asia Pacific is the key driver for the carbon black market in the region. India and China are among the largest producers of automotive tires, which provides a major marketplace for carbon black. Moreover, the growing plastics and inks & coatings manufacturing industries are creating demand for carbon black in Asia Pacific.

Impact of COVID-19 Pandemic on Carbon Black Market

The abrupt emergence of the COVID-19 pandemic forced the shutdown of vehicle manufacturing plants, affecting the demand for carbon black. Moreover, politically enforced measures to contain the virus, such as implementing curfews; closing factories, offices, and dealerships; and the resulting dismissals of short-time workers, led to decreased sales numbers of vehicles. Furthermore, disrupted global supply chains hampered the availability of raw materials at manufacturing plants, further impacting manufacturing activities, delivery schedules, and essential and nonessential product sales. All these factors hindered various industries in 2020 and early 2021, thus, restraining the carbon black market growth

However, in 2021, various economies resumed operation as governments of various countries announced the relaxation of the previously imposed restrictions, which boosted the global marketplace. Further, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap and other repercussions. The automotive industry is expected to provide the impetus for the carbon black market growth during the forecast period

The report segments the carbon black market as follows:

Based on type, the carbon black market is segmented into acetylene black, channel black, furnace black, thermal black, and others. Based on grade, the global carbon black market is bifurcated into standard grade and specialty grade. Based on application, the carbon black market is segmented into tire, non-tire rubber, plastics, inks and coatings, and others. By geography, the carbon black market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

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